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Indonesia’s Ovo Is Close to Merger With Dana to Fight Gojek

  • Shareholders have ironed out differences over deal’s structure
  • Dana is backed by Ant Financial and Indonesia’s Emtek Group

Two of Indonesia’s top fintech startups have agreed in principle to merge to create a stronger challenger to Gojek’s GoPay, according to people familiar with the matter.

Digital-payments company Ovo and digital-wallet provider Dana ironed out differences over valuations and structure as they aim to reduce cash burn, the people said, asking not to be named because the matter is private. The signing of the deal was delayed because of the coronavirus outbreak and could happen soon after finalizing details, the people said. The terms and timing could change or the deal may still fall apart, they said.